Hot Topic Tuesday – Senator Rubio’s Letter to SBA Administrator and House Hearings

August 31, 2021

Delaney Sexton
Contributing Editor

Hot Topic Tuesday – Senator Rubio’s Letter to SBA Administrator and House Hearings

“This ambiguity has created confusion and costly uncertainty between lenders and loan agents, many of whom have provided vital services to sustain local communities, employers, and workers throughout the pandemic,” writes Florida Senator Marco Rubio.

On August 26th, Senator Rubio sent a letter to the SBA Administrator, Isabel Guzman, requesting clarification on the guidance given for how agent fees should be handled for PPP loans that are less than $50,000. Congress made changes to lender processing fees on loans less than $50,000, but SBA did not release any further guidance on how to treat these smaller loans’ agent fees.

The “potential ambiguity” of the guidance has led to disputes between lenders and loan agents. Senator Rubio asks that Guzman remedy the situation through writing or rulemaking. The SBA has not yet responded.

Last week, The House Small Business Committee announced the September committee hearings. All of the hearings will be live-streamed on the committee’s YouTube page.

• Wednesday, September 1, 2021, at 1:00 P.M. – What Comes Next? PPP Forgiveness
• Tuesday, September 14, 2021, at 11:00 A.M. – National Small Business Week: Celebrating our Main Street Champions
• Tuesday, September 21, 2021, at 10:00 A.M. – SBA’s Entrepreneurial Development Programs
• Wednesday, September 22, 2021, at 10:00 A.M. – Protecting Workers in a Covid Economy
• Wednesday, September 29, 2021, at 10:00 A.M. – Sustainable Forestry’s Role in Climate Solutions
• Thursday, September 30, 2021, at 10:00 A.M. – The Plight of Employee-owned Entities and Revisiting the Main Street Employee Ownership Act

Senator Rubio’s Letter